Estate Plans May Need Update (Fisher Law Office)

Estate Plans May Need Update

Nothing lasts forever, they say. Estate plans are no exception to the rule. They should be kept current with facts, laws, and regulations. There are several important reasons why estate plans may become out-of-date:

The passage of time itself. Beneficiaries may make their transition, or new potential beneficiaries may be born, adopted, or married into the family. Assets may be acquired, appreciate or depreciate in value, or be disposed of. Beneficiaries for whom trusts were created may no longer need them for their protection. Other beneficiaries may now need trusts, though they did not previously.

Changes in laws. The changes in laws may have application to pre-existing estate plans. For example, Michigan adopted a completely new probate code which became effective April 1, 2000. Many established rules were changed by this new law.

Changes in the federal estate tax rate structure. This could have significant impact on individual estate plans. Tax-driven trust planning may no longer be required.

New distribution rules for qualified plans, including IRA's.

Estate plans need periodic review, and there are special reasons for talking to your estate planning attorney about them now.

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